Qatar-owned Harrods has reported a 36% sales surge to bring the luxury London department store back in the black after turbulent pandemic performance.
Pre-tax profits of $58m for the 2021-22 period compared favourably with a $78m loss the year before.
Sales soared by 35% to $666m in the year as returning international travellers, notably those from the Middle East helped Harrods turn around the difficult period.
Harrods back in the black
“2021 saw the business begin an encouraging recovery despite the continued, although moderating, impact of the pandemic.
“Our performance was greatly impacted by our Knightsbridge store being closed for 10 weeks during the third lockdown, international travel remaining subdued, and the suspension of the VAT Retail Export Scheme,” said Tim Parker, chief financial officer at Harrods.
“We also continued to invest in our physical and digital offering during the pandemic, showcasing our confidence in the outlook for the business.
“Trade performance toward the end of the year was particularly encouraging, highlighting the strength of our long-standing customer and brand relationships as well as the continued resilience of the luxury market,” he added.
A nearby property, believed to be the UK’s most expensive home, has also been reportedly attracting interest from Middle East investors.
Follow us on
